Several web service APIs have you sign up for an API key. For example, UPS Web services requires a key, which is included in calls to their service -- In addition to the username and password.
What is this key used for by the provider? Perhaps UPS is the only one to require both API key and username/password?
One idea is that they use it to limit or measure API usage, but it seems to me that a setting in the users profile could easily do the same thing -- especially since you generally have to get an account w/ username and password to get the API in the first place.